Bitcoin Price Prediction: BTC bears await confirmation to recall sub-$50,000 levels
- BTC/USD fades weekend bounce off $55,540 inside a bearish chart pattern.
- MACD turns negative for the first time in two weeks.
- Seven-week-old support line can offer intermediate halt during further downside, $60,000 guards immediate upside.
Bitcoin bulls seem tiring as the quote wavers around $57,750 during early Monday. In doing so, the cryptocurrency major teases a bearish chart formation, rising wedge, which becomes critical to follow, if confirmed, near the top.
Not only the rising wedge but MACD weakness also suggests BTC/USD traders stay cautious before taking any long entries.
However, a daily closing below $56,280 becomes necessary for the Bitcoin sellers to retake controls, which highlights the theoretical target surrounding $36,000.
It should be noted though that the estimated fall below $56,280 towards $36,000 can pause around a short-term rising support line, at $51,843 now, as well as the late February lows near $43,000.
On the contrary, corrective pullback needs to cross the $60,000 psychological hurdle before challenging the recently flashed record top around $61,800.
Overall, BTC/USD is up for witnessing a pullback but sellers wait for a clear vision.
BTC/USD daily chart
Trend: Pullback expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
